Whitepapers


GST in India and Beyond

Goods and Services Tax, or GST, is a common transactional tax type globally. In this whitepaper, we will explore the concept of GST as it applies around the world, then delve into the specifics of how GST relates to India.

All you want to know about GST

The Indian taxation system for goods and services is defined by a cascading, distorted tax structure which leads to misallocation of resources, hampering productivity and slower economic growth. To remove this hurdle, a unified and a simple tax system like GST (Goods and Service Tax) is needed to unite the nation. The GST system will start across India on 01 April 2017.

New MVAT Automation - Returns and CST Forms

Handling tax processes manually can lead to major issues. Considering this, the Maharashtra government replaced manual data entry and VAT & CST filing with New MVAT Automation from financial year 2016-17. These changes are expected to increase efficiency, minimize manual errors, and deliver time management benefits for both department and tax payers. The application is being developed on the SAP platform using the Tax and Revenue Management (TRM) and Customer Relationship Management (CRM) functionalities.

TDS Provisions for MVAT Works Contracts

In this post, we will explore how the Maharashtra VAT (Value Added Tax) act affects employers and contractors. While a seemingly small provision of MVAT Works Contracts, non-compliance can mean significant penalties and interest.

Compliance Automation Needed for GST Forms

Historic tax reform is underway in India. The central government is introducing a Goods and Services Tax (GST) on the manufacture, sale, and consumption of goods and services. It replaces numerous existing state and federal taxes, including central tax, state tax, service tax, entry tax, and luxury tax. Existing taxpayers need to register with the GST database by a specified date, which varies by location. For example, taxpayers in Karnataka must register by 15 January 2017.

Role of GSP and ASP in GST India

Implementation of Goods and Services Tax (GST), scheduled to take place beginning July 1, 2017, is going to require a collective effort of the all the stakeholders: central and state governments, Central Board of Excise and Custom (CBEC) and state tax departments, taxpayers along with their tax and software consultants, Reserve Bank of India (RBI) along with banks, and the IT platform provider, i.e., GSTN.

HSN codes for Goods and Service Tax (GST) in India

Various states in India presently have their own systems for classifying goods for tax rate determination. However, with the coming Goods and Services Tax (GST) regime, there's a desire for more uniform classification - not just on the national level but internationally. Hence the move to the Harmonised System of Nomenclature (HSN) for goods and the Service Accounting Code (SAC) system for services. In this whitepaper, we'll focus on HSN codes as they relate to GST.

Restrictions on input tax credit under GST

It's been said that, under the Goods and Services Tax (GST), credit would flow seamlessly throughout the supply chain – meaning all taxes paid on inputs (i.e., goods and services including capital goods) would be available as credit – and that would reduce tax costs. But that may not be entirely true. The Model GST Law (MGL) prescribes several restrictions on input tax credit, and there's a lot less being said about them. Let's examine the restrictions one by one.

GST readiness: IT strategy guide for businesses

On 1 July, India will become the latest country to implement Goods and Services Tax (GST). However, the country is taking a different approach from most of the other 160 countries that came before it. Like Canada, India will subscribe to a dual GST model, which very few other countries in the world follow.

Consequences of GST Non-compliance - Offenses and Penalties

The effective implementation of any tax law requires strict action against tax offenders. To encourage compliance with India's new GST tax regime, the government has come up with a three-pronged approach: interest, monetary penalties, and prosecution.

GST glossary: Defining important terms

Section 2 of the Goods and Services Tax (GST) Act deals with definitions, phrases, and expressions that are necessary to ensure proper implementation and interpretation of the law. Some of the major terms that are beneficial to businesses and consultants are compiled here.

What records must be maintained under GST?

Goods and Services Tax (GST) is a tax reform that will eliminate India's major indirect taxes – Excise, Service Tax, and VAT. However, record-keeping and reporting requirements under GST contain elements from each of these, and they are far from simple.

Top 30 GST FAQs

It is a destination-based tax on the consumption of goods and services. It is to be levied at all stages, i.e., from manufacturing up to final consumption with credit of taxes paid at earlier stages available as a setoff.

The GST payment process

Indian businesses are in for a learning curve — the payment process under Goods and Services Tax (GST) differs drastically from current procedures. Namely, each step of the process — like all other aspects of GST — now occur online within the GST portal.

FAQs on GST – supply and time of supply

The taxable event under GST shall be the supply of goods, services, or both made for consideration in the course of business. The taxable events under the existing indirect tax laws, such as for manufacturing, sales, and services, shall be subsumed in the taxable event known as ‘supply’.

How Can Avalara's GST Automation Software Help Your Business?

See How it Works